Global Data Analytics Sector Projected to Reach $190 Billion by 2028

New Delhi, Dec 17 (NationPress) The worldwide data analytics sector is anticipated to achieve a valuation of $190 billion by 2028, reflecting an impressive 11.1 percent compound annual growth rate (CAGR) from 2023 to 2028, as detailed in a report published on Tuesday.

With data volumes expected to surpass 175 zettabytes by 2025, organizations are urged to utilize advanced analytics tools to derive actionable insights, stated GlobalData, a prominent data and analytics firm.

Traditional data analytics providers are facing disruption from AI-native vendors that seek to assist businesses in automating operational decision-making processes through machine learning.

“Moreover, the rise of generative AI (GenAI) tools has compelled data analytics vendors to integrate these solutions within their platforms, thereby democratizing access to data science capabilities,” remarked Isabel Al-Dhahir, Principal Analyst, Strategic Intelligence at GlobalData.

For example, Microsoft has introduced Copilot, which incorporates ChatGPT into analytics solutions like Excel and Power BI.

Data governance focuses on the quality and reliability of data; having trustworthy data is crucial for effective data analytics.

While technology enhances data governance, it fundamentally relies on individuals and organizations establishing rigorous protective policies and procedures, according to the report.

“The capability of GenAI to generate highly intricate models and simulations from extensive datasets raises substantial concerns regarding the potential mishandling of personal information,” noted Al-Dhahir.

The possibility of exposing sensitive information escalates as these AI systems become increasingly proficient at producing detailed, realistic outcomes, necessitating robust data governance frameworks.

Organizations must attract, educate, retain, and enhance the skills of their existing workforce to fulfill these roles. Companies may also strive to bridge the data-skills gap by encouraging non-technical employees to assume the role of citizen data scientists, as indicated in the report.

As the market progresses, advancements in data management, AI integration, and governance will determine the trajectory of data-driven strategies, according to Al-Dhahir.